MARTIN Lewis was left “lost for words” by a question from a viewer on ITV’s This Morning.
The Money Saving Expert was giving advice to viewers of This Morning when one question from an elderly couple left him “baffled”.
The pair had recently discovered that a mortgage they had been paying for 40 years was interest only, leaving Lewis unsure on how to help them.
Taking to Twitter following the exchange, he said: “Not often I'm lost for words on air.
PS of course also noted very likely the mortgage is very small compared to their current houseprice so they should have decent capital if they downsized
— Martin Lewis (@MartinSLewis) June 27, 2023
“Yet I admit i was a bit baffled how to answer a question read out on This Morning about a couple who've only just found out/realised the mortgage they've had for 40yrs was interest only.
“Details were scant so it was tough to work out what to say other than to point them to get 1-on-1 help.
“PS of course also noted very likely the mortgage is very small compared to their current houseprice so they should have decent capital if they downsized.”
Lewis has recently spoken about the mortgage “ticking timebomb” in the country.
Around 2.4 million fixed-rate mortgages are due to end between now and the end of 2024, according to figures from UK Finance.
Many of these homeowners could be in for a bill shock when they come to remortgage, having been used to paying significantly lower rates.
According to the Resolution Foundation think-tank, annual mortgage repayments are set to rise by £2900 for the average household remortgaging next year.
The Money Saving Expert attended a mortgage summit with the Chancellor in December to try and put plans in place to combat the issue.
Taking to Twitter as the average fixed two-year rate on offer topped 6% for the first time this year, Lewis described the summit as a “missed opportunity talking shop”.
He said: “The summit in December was attended by the Chancellor, FCA chair, the bosses of UK's biggest banks and me (I'd asked for consumer charities & mortgage experts to attend too but that wasn't agreed - tho my team and I worked hard talking to charities and mortgage brokers before to collate ideas).
“My reason for suggesting the Chancellor took action was simple. We needed to prepare in case it rates rocketed - waiting for it to happen would be too late. Yet now, the time bomb has exploded, and we're scrambling about what to do.”
